The Shiba Inu trading volume hit $2 billion for the first time since early May, as more holders and whales trade SHIB during its massive price spike.
At one point reaching a 44% increase, the Shiba Inu price soared on June 21 as a cryptocurrency recovery loomed. This followed the massive crash that saw SHIB add a zero to its price.
As more bought into SHIB, perhaps following Shytoshi Kusama, who said the bear market is the best time to buy SHIB, the trading volume rose. Compared to the previous trading volume on June 21, the trading volume in the past 24 hours has risen 678%.
SHIB Trading Volume Reaches $2 Billion
After reaching the $2 billion trading volume on June 22, SHIB now has the 6th largest 24-hour volume, only behind the Bitcoin, Ethereum, FLEX, and several top stablecoins. Of this $2 billion, SHIB trading on Binance made up $393 million (around 20%).
SHIB last hit a $2 billion volume on May 10. Here, the Luna crypto crash saw traders selling crypto across the board.
This trading volume is still far off from SHIB’s $36 billion volume on October 28. This volume came as SHIB hit its new all-time highs.
While a high trading volume is often an indicator of price stability, it seems this SHIB volume rise stems from the massive price movement upwards. However, it does also demonstrate an increased interest in SHIB in the past 24 hours.
Not all of this trading volume went into buying SHIB, although it does seem more buying took place than selling. In the past 24 hours, SHIB’s market cap has risen by $1.08 billion. At one point on June 21, the market cap was up some $1.8 billion, too.